Berghofer has lots to sell – and buyers

BRW Rich lister and agricultural land holder
Clive Berghofer
has sold off a development site in Toowoomba, south-east Queensland, to Consolidated Properties.

Mr Berghofer, whose wealth is estimated at $300 million by BRW, has been selling off excess land parcels to several buyers eager to gain a foothold in Toowoomba, the town regarded by many as the gateway to the state’s expanding gasfields.

Consolidated Properties managing director Don O’Rorke confirmed he had purchased the 26 hectare parcel of land at Wilsonton, in Toowoomba’s northwestern suburbs for $4.5 million and will set about developing up to 300 lots of property.

“We think Toowoomba is one of Australia’s hot spots," he said.

“It’s underpinned by resources, agriculture and government and there is a chronic shortage of lots in the town and that’s why we are doing this $50 million development. “Too­woom­ba is Australia’s second largest inland city and right now is one of the major growth centres of the nation."

In February Consolidated Properties gained development approval for a 50-hectare precinct at Roma – inland from Toowoomba – which will provide an 850-person accommodation village and an 83-room motel.

For Mr Berghofer, who is the former Toowoomba mayor and one of the biggest property owners in regional Queensland, selling the land parcels has been easy. “We have not had any trouble selling land in Toowoomba," he said. “Our prices are cheaper and our soil is red not black soil which is not as good for foundations."

Mr Berghofer’s said his low reliance on debt had helped him offer more competitive prices even as council infrastructure charges had increased. “Where other developers might sell for an average of $150,000 per lot, we are about $135,000," he said.

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He said he launched a campaign earlier this year to sell 65 blocks in Toowoom­ba and so far 60 had sold.

Mr O’Rorke said the opportunity to purchase the subdivision site, which had been in Mr Berghofer’s ownership for more than 10 years, was “too good to pass up".

Only this week Consolidated completed the sale of its own Casuarina Beach development site for $7 million to the Clarence Property Group. The group will work in conjunction with Clarence to develop a commercial centre after securing anchor tenant Coles.